Acumen research and consulting estimates that the global automotive AR and VR market is anticipated to reach market size of around US$ 55,000 Mn by 2027 and is anticipated to grow at a CAGR of around 77% in terms of revenue during the forecast period 2020 – 2027. Increased augmented reality (AR) and virtual reality (VR) combine physical with digital content. Automotive industries focus on AR & VR to boost their production, servicing, individualization of their products, effective advertisement and promotion for their consumers. Unique 3D tools for AR apps are developers that incorporate interactive environments in the real world. The VR utilizes the head-mounted display (HMD) through an artificial world to provide synthetic experience and virtual feedback. The AR & VR automotive market is growing as economic, efficient manufacturing programs are needed for information analysis in real time.
A major trend is being observed in the AR and VR industry, with companies growing focus on AR and VR product aesthetics. The versatility and usability for consumers are high for AR and VR apps such as smart glazes, head-up displays (HUD) and head-mounted displays (HMD). There are many application areas of AR and VR and companies are exploring how these applications can be incorporated into different sectors. Moreover, market-based companies rely more and more on the aesthetic of these products to expand their use in various applications and make them prominent. The increasing demand for gesture and haptic control supports the growth of the global AR and VR market. The haptic technology generates a mood of touch, which is felt by users in the form of applied forces, movement or vibrations, while gesture algorithms allow users to control devices and application by means of their gestures, usually hand movements. The user can touch a virtual object with these technologies, as in the real world. It has added a new dimension to certain devices to the increasing popularity of these technologies which has led to their adoption.
The market research study on “Automotive AR and VR Market (By Device Type: AR Device (Head Mounted Display (HMD), Head Up Display (HUD), VR Device (Head Mounted Display, Gesture Control Devices, Projection Based Device); By Component: Hardware, Software; By Application: AR Application (Commercial, Consumer, Aerospace and Defense, Healthcare, Enterprise), VR Application (Commercial, Consumer, Aerospace and Defense, Healthcare, Enterprise) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global automotive AR and VR market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global automotive AR and VR market are device type, component, application, and major geographic regions. The automotive AR and VR market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
In 2019, North America held the highest share in the global Automtive AR and VR market, mainly due to technological developments, strong smartphone and Internet penetration and early adoption in the region of emerging technologies. The highest growth in the virtual reality (VR) market during the forecast period is projected to be observed for Asia-Pacific (APAC). The increase in economic growth rates, increasing use of technologically advanced solutions, increasing smartphone penetration in emerging economies like China and India, and increasing technological use applications in end-use industries, are key elements driving the region market.
Major players included in this report are Microsoft Corp., Robert Bosch GmbH, Continental AG, Volkswagen AG, Unity Technologies ApS, Visteon Corp., Hyundai Motor Group, HTC Corp., DAQRI, WayRay AG, and other. Important companies develop state-of-the-art technologies and introduce new products to remain competitive in the market. Fusion & acquisitions and new product developments are also competitive strategies. Company companies, including Continental AG, have begun to display crucial information on the windshield through an augmented reality head up display. In addition, new cars like the BMW 7 series already have head up panels.
The global automotive AR and VR market is segmented as below:
Automotive AR and VR Market By Device Type
Automotive AR and VR Market By Component
Automotive AR and VR Market By Application
Automotive AR and VR Market By Geography
Middle East & Africa
The advent of connectivity technological advancements is expected to drive the growth of the automotive AR and VR market.
High dependence on internet connectivity is a major factor expected to restraint the growth of the market.
The market value of automotive AR and VR is anticipated to be around US$ 55,000 Mn in 2027.
It is anticipated to grow around 77% CAGR amid the forecast period.2020-2027
The key players operating in automotive AR and VR markets are Microsoft Corp., Robert Bosch GmbH, Continental AG, Volkswagen AG, Unity Technologies ApS, Visteon Corp., Hyundai Motor Group, HTC Corp., DAQRI, WayRay AG, and other.
North America is projected to grow at a fast pace during forecast period from 2020-2027.
Asia Pacific held maximum share in 2019.